Global NIQ-owned research company GfK has revealed that its Consumer Confidence Index has risen to its highest score in two years, with 2024 looking “optimistic”.

At the beginning of 2024, the Overall Index Score increased three points to -19, with all five measures up in comparison to the previous announcement.

The measure for the general economic situation of the country during the last 12 months was up three points at -41, 30 points higher than the measure in January 2023 and up three points from December 2023.

In the personal financial situation measure, the overall index score reached -12 in January 2024, up 19 points from January 2023 and two points from December 2023.

The Major Purchase Index was reportedly up three points to -20 in 2024, 20 points higher than the same month a year prior.

Joe Staton, client strategy director at GfK, said: “Consumer confidence has started the year well with all measures up and a headline score of -19, the best since January 2022.

“Importantly, the view on our personal financial situation for the coming year has gained two points and now stands at zero. This is exciting as it ends 24 consecutive months of negative scores for this measure and this significant change is the best single indicator for how the nation’s households feel about their income and expenditure.

“Despite the cost-of-living crisis still impacting many households across the UK, consumers appear to be encouraged by the positive news about falling inflation. On balance, while there is national and global turmoil, the Consumer Confidence Index has started 2024 on a positive note – let’s see if this optimism continues.”